Lithuania

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Overall Phase 2 Rating is
Compliant

Table of Determinations and Ratings of the
Phase 2 Review

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)

Determination

Factors

Recommendations

The element is in place.

Ownership information on foreign companies having sufficient nexus with Lithuania (in particular, having their place of effective management in Lithuania) and on foreign partnerships carrying on business in Lithuania or deriving taxable income is not consistently available.

Lithuania should ensure that ownership information on foreign companies with sufficient nexus with Lithuania (in particular, having their place of effective management in Lithuania) and on foreign partnerships carrying on business in Lithuania or deriving taxable income is available in all cases.

Phase 2 Rating

Factors

Recommendations

Compliant.

Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)

Determination

Factors

Recommendations

The element is in place.

Phase 2 Rating

Factors

Recommendations

Compliant.

Banking information should be available for all account-holders. (ToR A.3)

Determination

Factors

Recommendations

The element is in place.

Phase 2 Rating

Factors

Recommendations

Compliant.

Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)

Determination

Factors

Recommendations

The element is in place.

Phase 2 Rating

Factors

Recommendations

Compliant.

The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)

Determination

Factors

Recommendations

The element is in place.

Phase 2 Rating

Factors

Recommendations

Compliant.

Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)